₹1.53 Lakh and Rising? Why Gold Prices are Shaking Off the Slump While Silver Struggles
Gold prices in India rebounded sharply on Tuesday, April 28, hitting ₹1.53 lakh per 10 grams in major metros. While the yellow metal gained ground as a safe-haven asset amid the US-Iran conflict, silver witnessed a correction, slipping toward ₹2.60 lakh per kg.
- Republic Business
- 2 min read
The bullion market is witnessing a rare divergence today. Gold prices have surged back to the ₹1,53,000 mark for 10 grams (24-carat) in cities like Delhi and Mumbai. This rebound comes as investors seek safety from the ongoing West Asia tensions. However, silver is telling a different story, extending its decline to trade near ₹2,59,900 per kilogram.
The primary catalyst is the persistent US-Iran standoff. With the Strait of Hormuz largely closed, global oil prices are hovering near record highs. Elevated energy costs usually stoke inflation, which traditionally makes gold more attractive. Conversely, silver—often used in industry—is feeling the heat of slowing manufacturing sentiment.
MCX and Global Cues
On the Multi Commodity Exchange (MCX), gold futures for June delivery were seen consolidating around the ₹1,50,740 level. While the physical market remains expensive due to local taxes and high import duties, the "futures" market is reflecting cautious optimism about a potential ceasefire.
City-Wise Rates
Prices vary slightly across India due to local levies:
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- Delhi: 24K gold at ₹15,315 per gram; Silver at ₹260/g.
- Mumbai: 24K gold at ₹15,300 per gram; Silver at ₹260/g.
- Chennai: 24K gold at ₹15,382 per gram; Silver at ₹265/g.
As the US Federal Reserve prepares for its next policy meeting, the dollar’s strength will be the final arbiter. For Indian buyers, the "dip" remains elusive as the yellow metal holds its historic high ground.